What Wells Fargo charges for foreign currency exchange

When you send a wire transfer through Wells Fargo to an account outside the United States, the bank converts your dollars to the recipient's currency. Wells Fargo applies an exchange rate markup on top of the mid-market rate — the rate banks use among themselves. The markup is the fee you pay for the conversion service, and it varies depending on whether you're a retail customer or a business customer.

Wells Fargo does not publish a single fixed percentage for this markup. The rate you receive depends on the amount you're sending, the currency pair involved, market conditions at the time of the transaction, and your account type. You can call Wells Fargo's international wire department or visit a branch to ask for the specific rate before you send the transfer, but the rate is not locked in until the transaction is processed.

In addition to the exchange rate markup, Wells Fargo charges a separate wire transfer fee. For outgoing international wires, this fee typically ranges from $15 to $45 depending on whether you send the wire online, by phone, or in person, and whether you're sending to a Wells Fargo account or another bank. The wire fee and the exchange markup are two separate charges.

Key Takeaways

  • Wells Fargo adds a markup to the mid-market exchange rate when converting dollars to foreign currency; the exact percentage is not published and varies by customer type and transaction size.
  • You can request the exchange rate before sending a wire, but it is not locked in until the transaction processes.
  • Wire transfer fees ($15 to $45) and exchange rate markups are separate charges that both explore to international transfers.
  • The exchange rate you receive may differ from rates shown on financial websites, which typically display mid-market rates without any bank markup.

How to request an exchange rate before sending a wire

Call Wells Fargo's international wire department at the number on the back of your debit or credit card, or visit a branch in person. Tell the representative the amount in dollars you want to send, the currency you need, and the country of the recipient's bank. The representative will quote you the current exchange rate for that currency pair.

Write down the rate and the time you received the quote. Most banks, including Wells Fargo, do not hold a quoted rate for more than a few minutes — sometimes only 30 seconds to a few minutes depending on market volatility. If you decide to proceed, initiate the wire when ready. If you wait, the rate may change and you may receive a different rate when the transaction actually processes.

If you send the wire online through Wells Fargo's website or mobile app, you will see an estimated exchange rate before you confirm the transfer, but this is not a may provide rate. The final rate applied depends on when the transaction settles, which may be the same day or the next business day.

Why Wells Fargo's rates differ from online currency converters

Websites and apps that show exchange rates — such as XE.com, OANDA, or Google's currency converter — display the mid-market rate. This is the rate at which large banks trade currencies with each other, and it does not include any markup or profit margin. Wells Fargo's rate to you will always be worse (lower if you're sending money out, higher if you're receiving) because the bank's markup is built in.

The difference between the mid-market rate and Wells Fargo's rate is how the bank makes money on the transaction. For some currency pairs and transaction sizes, this markup can be 1 to 3 percent or more. On a $5,000 wire to Europe, a 2 percent markup could cost you $100 in lost value compared to the mid-market rate.

You cannot negotiate the markup with Wells Fargo as a retail customer. Business customers with larger transaction volumes may have different rates, but these are negotiated individually and not published.

When Wells Fargo converts the currency

The conversion happens when the wire is processed, not when you initiate it. If you send a wire on a Friday afternoon, the conversion may not occur until Monday morning, and the exchange rate on Monday could be different from Friday's rate. You have no control over the timing of the conversion.

For wires sent to countries outside the United States, Wells Fargo typically processes the transfer within one to two business days. The receiving bank may take additional time to credit the recipient's account, depending on that bank's procedures and the country's banking system.

Comparing Wells Fargo to other ways to send money abroad

Wells Fargo wire transfers are one option for sending money internationally, but they are not always the cheapest. Other services — such as OFX, Wise (formerly TransferWise), Remitly, and MoneyGram — often offer lower markups or mid-market rates, especially for larger amounts or frequently used currency pairs.

These services work differently from a wire transfer. Some require you to set up an account and verify your identity before you can send money. Others may take longer to deliver the funds (sometimes three to five business days instead of one to two). The trade-off is usually lower cost in exchange for less speed or more steps.

If you are sending a small amount ($500 or less) or need the money to arrive the same day, Wells Fargo's wire may be faster and simpler despite the higher cost. If you are sending a larger amount and can wait a few extra days, a specialist money transfer service may save you money.

What information you need to send a wire with currency conversion

To send an international wire through Wells Fargo, you will need the recipient's full name, their bank account number, the bank's name and address, and the bank's SWIFT code (also called a BIC code). Some countries also require an IBAN (International Bank Account Number) instead of or in addition to the account number.

Ask the recipient to provide all of this information before you go to Wells Fargo or log into your account online. If any detail is wrong, the wire may be delayed or sent to the wrong account. Wells Fargo can help you verify the information, but this verification takes time and may incur an additional fee.

You will also need to specify whether you want Wells Fargo to deduct the wire fee from your account (so the full amount you send arrives at the recipient's bank) or from the amount being transferred (so the recipient receives less). This choice affects how much money the recipient actually gets.

Frequently Asked Questions

Can I lock in an exchange rate before I send the wire?

Wells Fargo does not offer rate-locking for retail customers on wire transfers. You can request a quote, but it is valid for only a few minutes. If you need a locked-in rate, you may need to use a specialist money transfer service that offers forward contracts or rate guarantees, though these typically require larger minimum amounts.

What does "OUR" vs "THEIR" mean when Wells Fargo asks who pays the wire fee?

"OUR" means Wells Fargo deducts the fee from your account, so the full amount you specify is converted and sent. "THEIR" means the fee is deducted from the amount the recipient receives. Choose based on whether you want the recipient to get a specific dollar amount or whether you want to send a specific amount from your account.

Will the recipient get the same amount I send?

No. The amount you send is converted to the foreign currency at Wells Fargo's rate, and the recipient's bank may also deduct fees. The recipient will receive less than the dollar amount you sent. Ask the recipient's bank what fees they charge for incoming international wires so you can estimate what they will actually receive.

How do I know if Wells Fargo's rate is fair?

Check the mid-market rate on XE.com or OANDA for the same currency pair at the time you request the quote from Wells Fargo. The difference between that rate and Wells Fargo's rate is the markup. Compare this to the markups offered by other money transfer services for the same amount and currency pair to see if Wells Fargo is competitive for your situation.

Can I cancel a wire after I send it?

Once a wire is sent, it is difficult to cancel. If the wire has not yet been processed by the receiving bank, Wells Fargo may be able to recall it, but this is not may provide and may take several days. Contact Wells Fargo when ready if you need to cancel. Do not wait, because the longer you wait, the less likely a recall will succeed.